Saudi Arabia recorded a GDP growth rate of 11.8 percent for the second quarter, driven by a 23.1-percent rise in oil income, according to preliminary data cited by Reuters. The value of Saudi Arabia’s oil exports has been growing this year, especially after the Russian invasion of Ukraine in February. The latest monthly data, for May, revealed a 106-percent increase on the year to SR116.2 billion, with oil exports making up 80.6 percent of all exports out of Saudi Arabia in that month. Saudi Arabia, OPEC’s biggest oil producer, was…
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